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Google's $1 Billion dollar boo-boo.

Discussion in 'Journalism topics only' started by DanOregon, Sep 12, 2008.

  1. DanOregon

    DanOregon Well-Known Member

    Hadn't seen this on the board, but when you hear about computer programs writing business stories and some of the other technology being introduced to "journalism" it kind of makes you wonder and worry. Talk about the butterfly effect.
    From Times Online
    September 12, 2008
    Probe into how Google mix-up caused $1 billion run on United
    Mike Harvey, Technology Correspondent

    The US Securities and Exchange Commission has opened a "preliminary inquiry" into how an outdated bankruptcy story sparked a $1 billion run on an airline’s stock value.
    The article about how United Airlines filed for bankruptcy in 2002 was revived when it showed up on a newspaper site’s “most viewed” section on Monday.

    From there it was picked up by Google News and later seen by alarmed stockholders. The stock plunged from around $12 to just $3 a share before trading was halted.

    The Chicago-based company’s shares did not fully recover once trading resumed on Monday, and were still down at just over $11 dollars at close of trading yesterday.
    Related Links

    With the possiblity of legal action in the air, those involved have been hotly disputing who was to blame.
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